About joshua.deale@cushwake.com

This author has not yet filled in any details.
So far joshua.deale@cushwake.com has created 47 blog entries.

San Diego Industrial Market Fundamentals and Outlook Remain Strong, says Cushman & Wakefield Q1 2018 Report

SAN DIEGO, Calif. – April 16, 2018 –  According to Cushman & Wakefield’s newly released Q1 2018 market report, San Diego’s industrial market fundamentals remain strong. Statistically speaking the market appeared to have calmed to begin 2018—at least for the moment—as vacancy dipped just a nudge at 4.8% while occupancy growth was a moderate 88,600 square feet (sf). The tempered but positive activity in San Diego’s industrial sector followed what was a white hot 930,000 sf of occupancy growth observed during July to December of 2017.  However, behind the surface of the first quarter statistics there is still a lot happening, which leads the firm to maintain its positive outlook. Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego, said, “Overall vacancy has hovered the 5% mark for the past 10 consecutive quarters, and though settling the past few months, is still at a new all-time low according to our 15-year tracking. [...]

2018-04-16T17:18:26+00:00 April 16th, 2018|In the News|

San Diego Office Market Continues Path of Growth to Kickoff 2018

SAN DIEGO, Calif. – April 10, 2018 – San Diego’s office market kicked off 2018 on stable footing as vacancy continued to decline while occupancy showed further improvement, according to Cushman & Wakefield’s latest market report. Countywide vacancy shed another 40 basis points (bps) since year-end 2017 to close the first quarter of 2018 at 12.9%, its first appearance below 13% since the third quarter of 2006. Meanwhile, occupancy finished with a moderate 65,000 square feet (sf) of positive net absorption. “After achieving 1 million sf of occupancy growth in the latter half of 2017, fueled by a remarkable third quarter, San Diego’s office sector throttled a bit during the opening months of 2018, but still maintained its positive momentum—representing its 15th consecutive quarter of occupancy gains,” said Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego. “With the exception of 2017’s robust 456,000 sf of positive net absorption, in recent years the [...]

2018-04-10T16:42:45+00:00 April 10th, 2018|In the News|

Cushman & Wakefield Self Storage Practice Group Announces First Quarter 2018 Closings across California

April 9, 2018 –  Cushman & Wakefield announced it completed the sale of three separate self storage transactions across California during the first quarter of 2018 totaling $84.5 million in value and more than 340,000 rentable square feet (rsf). The transactions consisted of: Magellan Storage – Commerce is a Class A, institutional quality asset located in central Los Angeles and totals in excess of 140,000 rsf. The property was purchased by a joint venture between US Storage Centers, a national self storage operator, and an institutional private equity firm.  Cushman & Wakefield’s Greg Wells of the firm’s Self Storage Practice Group and David Hasbrouck of the firm’s Capital Markets group in Los Angeles handled the transaction on behalf of the seller. Storage Solutions - San Jose is a converted warehouse building located in the Diridon Station area of downtown San Jose. The project was purchased by a joint venture between Trammel [...]

2018-04-09T18:42:22+00:00 April 9th, 2018|In the News|

Cushman & Wakefield Private Client Team Brokers Off-Market Sale in Carlsbad Village for $3.34 Million

SAN DIEGO, Calif. – April 5, 2018 – Orange Land Holdings, LLC, a San Diego-based investor, has acquired the Jefferson Professional Building in Carlsbad Village (San Diego), California for $3.34 million. Located at 2910 Jefferson St., the asset consists of a two-story 10,904 square-foot, Class B office/medical building in the heart of the seaside community of Carlsbad. Peter Curry of Cushman & Wakefield represented the buyer and Mark Avilla of Cushman & Wakefield represented the seller in the off-market transaction. Bob Cowan also of the firm performed market advisory. “Jefferson Professional Building presented the buyer with a highly desirable opportunity to acquire and reposition an existing multi-tenant office/medical building positioned in the heart of the iconic beach area known as Carlsbad Village,” said Mr. Avilla. “With 60% rollover in the property within the initial two years, the Buyer has the potential to take advantage by increasing rents and creating value.” The two-story building is [...]

2018-04-05T13:33:49+00:00 April 5th, 2018|In the News|

Empire Centre in San Diego Sells for Nearly $13.7 Million

SAN DIEGO, Calif. – March 28, 2018 – The 132,661-square-foot (sf) Empire Centre in San Diego, California’s Otay Mesa submarket has traded for $13.675 million. National investor TA Realty of Newport Beach acquired the two-building, multi-tenant warehouse/distribution facility from Kavenish LTD. The Class A project was approximately 95% leased at time of sale. Cushman & Wakefield investment specialists Bryce Aberg, Jeffrey Cole, Jeff Chiate, Ed Hernandez, Ryan Spradling and Brant Aberg represented the seller. “A highly functional multi-tenant industrial park, Empire Centre is recognized among the finest properties of its kind in Otay Mesa, and displays both exceptional quality and an attractive financial profile which are very attractive investment points,” said Bryce Aberg, Executive Director. “The project has been meticulously maintained since its construction in 1999 and its distinguished corporate image has greatly contributed to its high historical occupancy and high quality tenant base.” Empire Centre consists of two Class A distribution/warehouse buildings located [...]

2018-03-29T14:16:19+00:00 March 28th, 2018|In the News|

San Diego’s Governor Plaza Commands Price over $10.8 Million

SAN DIEGO, Calif. – March 14, 2018 – Governor Plaza, a premier small-tenant office building located in San Diego’s desired Governor Park community, has sold to an investor for $10.825 million. Performance Wealth (HNW) acquired the 38,617-square-foot (sf) two-story, multi-tenant building from Shoreham Place LLC. Rick Reeder and Brad Tecca with Cushman & Wakefield’s Capital Markets services in San Diego represented the seller. Bill Cavanagh and Mike Novkov of the same local office also performed market advisory in the sale, and have also been retained by the new owner to continue leasing services for the property. Mr. Reeder, Executive Managing Director, said, “Ideally positioned within San Diego’s famed ‘Golden Triangle’, Governor Plaza was 100% leased at the time of sale to a highly diversified tenancy—consisting entirely of sub 5,000 sf users—which combines with a well-balanced rollover profile to provide the buyer with secured income and cash flow protection.” He added, “Leasing opportunities are particularly [...]

2018-03-15T12:21:32+00:00 March 14th, 2018|In the News|

San Diego Investment Market Slows in 2017, but Still Again ‘Above Average’

SAN DIEGO, Calif. – March 13, 2018 – For the third straight year, despite a slowdown from recent years, San Diego’s capital markets sector proved to be ‘above average’ according to Cushman & Wakefield’s year-end market report. Sales volume in San Diego for properties $10 million and greater reached $5.7 billion in 2017, lifted by a much more active second half. Total annual deal volume in San Diego has kept above the 15-year annual average of $4.7 billion for the last three consecutive years. “San Diego’s commercial real estate investment market transaction volume for properties $10 million and greater reached $5.7 billion in 2017, coming in a bit below the $6.7 billion transacted in 2016 and $6.6 billion in 2015 yet ahead of the level seen in 2014,” said Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego. “In 2017, sales volume for all product types combined declined by 14% year-over-year compared to [...]

2018-03-13T16:22:50+00:00 March 13th, 2018|In the News|

Chicago RE Firm Acquires Excel Centre in San Diego for $37.1 Million

SAN DIEGO, Calif. – March 6, 2018 – Excel Centre, a premier 83,213-square-foot (sf) medical office building in San Diego, California anchored by Kaiser Permanente has recently sold to Chicago-based MBRE Healthcare for $37.1 million. The property is located at 17140 Bernardo Center Dr. in Rancho Bernardo, an upscale master-planned community along Interstate 15 approximately 20 miles northeast of downtown San Diego. The seller was an institutional investor, which was represented by Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield’s San Diego office. The sale transpired in late 2017. Mr. Reeder, an Executive Managing Director who along with Mr. Tecca specializes in Capital Markets services, said, “The Class A asset comprises a highly desirable and rare investment profile that includes stable cash flow backed by financial strength. As the project’s sole and majority tenant occupying the first two floors, Kaiser’s recent expansion and lease extension within the building signals their long-term [...]

2018-03-06T19:09:54+00:00 March 6th, 2018|In the News|

Oceanside’s Pacific Gateway Towers Fetches over $14.9 Million

SAN DIEGO, Calif. – February 26, 2018 – Pacific Gateway Towers, a 68,748-square-foot, two-building Class A office and medical project in Oceanside (San Diego), California has sold for $14.94 million. Private Investor Charlie Jadallah acquired the property from IPF Tri City, LLC (Fenway Properties, LLC).  The sale price produced a cap rate of 7.37%. Investment specialists Mark Avilla, Rick Reeder and Brad Tecca of Cushman & Wakefield’s San Diego office represented the seller. The buyer was represented by Nick Totah of Marcus & Millichap. Matty Sundberg and Bob Cowan of Cushman & Wakefield also performed market advisory. Pacific Gateway Towers consists of two 4-story multi-tenant buildings on 5.16 acres and located at 3142 and 3156 Vista Way in San Diego’s desirable North County. IPF Tri City, LLC had purchased the project in 2014 at approximately 57% leased as a value add opportunity.  The project underwent significant renovations in 2015/2016 to reposition and then was [...]

2018-02-26T17:00:27+00:00 February 26th, 2018|In the News|

Oceanside’s Rancho Del Oro Commerce Center Sells in Off-Market Transaction for $12.75 Million

SAN DIEGO, Calif. – February 6, 2018 –   Courtyard Mira Mesa, LLC, an Irvine-based investor, has acquired Rancho Del Oro Commerce Center in Oceanside (San Diego), California for $12.75 million. The multi-tenant industrial project totals 93,160 square feet and consists of four single-story buildings located at 4055, 4059, 4061 and 4065 Oceanside Blvd.  The seller was MAJ Investors, LP. The transaction represented the Upleg of the buyer’s 1031 Exchange. Mark Avilla of Cushman & Wakefield’s San Diego office represented the buyer in the sale, with Josh McFadyen of Colliers International representing the seller. “The buyer was in an exchange after Cushman & Wakefield represented them in selling an office building in Sorrento Valley, and we were able to identify this great off-market opportunity in North County that was a perfect fit for their office and industrial portfolio,” said Mr. Avilla, a Senior Director. “Approximately 92% leased at the time of sale to a [...]

2018-02-06T18:48:03+00:00 February 6th, 2018|In the News|